Foreign Resident Life Insurance

Life Insurance for Non US Residents | Approval & Best Practices

Life insurance is very important to own—whether you’re a full-time permanent U.S. resident or not.

If you are not an U.S. resident, but you want to apply for life insurance in the U.S., then you are required to have some tie here, such as an owned business or even a vacation home. Life insurance for non residents must undergo a process in order to apply and qualify for a life insurance policy within the United States. Life insurance for foreign nationals can be explained in our next article.

Must have a valid need for U.S. based life insurance

What to Expect when Applying for U.S. Life Insurance

In addition to the life insurance application and medical exam that is provided by the insurance company, there are additional underwriting requirements that will be required.

COVERAGE AMOUNT

Automatic limits of $20,000,000 on individuals residing in acceptable countries may be considered depending on all facts of the case, including the age and health status of the proposed insured, product applied for, the reinsurance arrangement, in-force coverage, and available reinsurance.

The minimum life insurance policy face amount for Non-U.S. Residents is $250,000.

FINANCIALS DETAILS

If applying for coverage amounts greater than $100,000 the life insurance company will require additional details pertaining to your financials.

This is generally required to justify the life insurance amount being applied for.

FOREIGN TRAVEL

In addition to traveling from your home country to the U.S., the life insurance company will require you to complete a travel questionnaire.

Traveling to other countries that are not prohibited by the U.S. can lead to a decline of your request for life insurance

MEDICAL RECORDS

Depending on your responses to the medical question on your insurance exam, the life insurance company may need to order medical records from your doctor.

If records are required, it can slow the approval process. To avoid any lengthy delays we may require your assistance in contacting your doctor’s office to help speed up the request.

HOW TO PAY

U.S. life insurance companies require that premiums are paid in U.S. currency generally from a U.S. bank account

TYPES OF VISA OR GREEN CARD

A copy of your Visa or Green Card will be required at the time of the application.

Along with a copy of your Visa most applicants will also be required to provide a copy of their I94.

To expedite the underwriting process, be sure to observe the following guidelines and points:

There should be enough time spent in the U.S. to facilitate information gathering and adequate time to complete the underwriting and policy delivery process.

ALL applicants must be medically examined. Blood tests and ECGs will be required based on normal age and amount rules.

Expect delays in obtaining information. Obtaining information on a Non-U.S. Resident applying for insurance may be difficult, but every effort must be made to secure the required information. The closer the ties to the U.S., the better the chances of obtaining meaningful medical and financial information in a timely fashion.

The maximum special rating class is Class D for Prudential-retained cases

Additional guidelines for individuals associated with the diamond industry:

Additional guidelines apply to individuals associated with the “Diamond Industry” due to increased risk factors associated with the diamond trade (i.e., extensive travel and potential for violence).

In addition to the previously stated foreign residence guidelines, the following also apply:

Individuals must be employed by/associated with (spouse, family) a major firm in the industry (e.g.,Rosy Blue).

Only individuals performing the following job functions will be eligible for consideration: office workers in administrative, management or executive functions; graders; gemologists; designers; and sight holders.

Individuals performing these and similar functions will not be eligible for consideration: cutters; couriers; polishers; and traders.

Documents that residents of China are required to provide

A copy of their U.S. Consulate exam, if completed within the last two years.

A copy of financial information presented to U.S. Consulate, if within the last two years.

Third party financial documentation, regardless of the face amount for which they have applied.

A copy of the individual’s resident registration card.

Guidelines for Post-Issue Transactions

As is the case with other steps in the new business process, solicitation of an applicant is only permitted within the U.S. borders. In most cases, post-issue policy servicing may not be permitted.

However, there are specific transactions that may be permissible if initiated by the applicant. They include:

Conversions, including policy, rider, children’s rider, spouse rider, and OPAI with no increase in benefits or amount and no evidence of insurability required. Certain policy and procedural restrictions apply.